Max Life Term Insurance Plan for NRI

Whether you are living in India or in any foreign country, securing your family members in your absence is important. Term insurance for NRIs (Non-Resident Indians) is a must, as living life abroad can be difficult for your family members if you are no longer around to provide financial security for them. In case of your absence, your loved ones can use the payout to cover their financial needs and find new opportunities to live their life happily. In addition to this, NRIs can easily buy term plans from India online by conducting the medicals via call or video call. 

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What is Max Life Term Insurance Plan for NRI? 

Max Life Insurance Company is a collaboration between Max India Limited and Mitsui Sumitomo Insurance Co. Ltd. The company has a comprehensive range of term insurance plans for NRIs. Max Life term insurance for NRI is a pure-risk protection plan that is specifically designed to secure the financial future of the NRI’s family back in India in case of an eventuality. These comprehensive term plans allow the NRIs to select a policy term ranging from 5 years to 99 years. The minimum age to buy a term plan is 18 years, and the maximum age can go up to 65 years, making it an ideal option for most individuals.

Note: Now that you know that what is Max Life Term Insurance Plan for NRI, you should also get to know about what is term insurance to buy a term plan for your loved ones.

Why Should NRIs Choose Max Life Insurance Plans? 

Max Life Insurance is one of the popular insurers in India that serves Indian residents as well as NRI insurance buyers. The company always attempts to make life insurance policies more economical, easy, and suitable for buyers at every life stage. Here is why NRIs should select Max Life Insurance: 

  • It provides a one-stop solution for the insurance requirements of customers 

  • The insurer has a claim settlement ratio (CSR) of 99.35% (as per IRDAI 2020-21) and is known for transparency. Insurance buyers can check every detail related to different plans online. 

  • The insurer offers 24X7 customer assistance to insurers and has an easy and hassle-free claim settlement procedure when the claim is made by the nominee/beneficiary of the plan. 

  • Flexible option of paying premiums that helps customers to pay premium amounts through NRE, or from a foreign bank account. 

  • The Max term plans offer the option to renew the premiums. 

Max Life Term Insurance Plans for NRIs in India

Max Smart Secure Plus is an ideal plan for NRIs. Read onto know more in detail: 

Max Life Smart Secure Plus

  • The plan offers two cover options: Life Cover and Increasing Life Cover

  • In case of a terminal illness, the plan pays 100% of the base sum assured in advance

  • You can cover your spouse within the same plan with the plan’s Joint Life option

  • With the plan’s return of premium variant, you can receive all the paid premiums back at the maturity of the policy 

  • You can increase the plan’s sum assured with the voluntary sum assured top-up option

Eligibility To Buy Max Life Term Insurance Plan for NRI

There are some conditions for an individual to be considered an NRI and be eligible to buy a term insurance plan in India. Though the mentioned T&Cs vary with the insurer, the basic requirements remain the same. Let’s discuss the eligibility criteria of the Max Life term insurance Plan for NRIs:

  • You must have resided outside the country for a fixed time period or as specified in the plan 

  • Your grandparents or parents must have been Indian citizens 

  • You must have married a citizen of India 

  • You must have an Indian passport at some stage of your life

The premium rates for these term policies depend on the policyholder’s age, the medical conditions, the plan features, and the sum assured amount, among others. 

Benefits of Max Life Term Insurance Plan for NRI? 

Max Life Term Insurance offers a comprehensive range of plans to cater to the needs of insurance seekers. NRIs can enjoy the below benefits by receiving life insurance policies from Max Life Insurance.

  1. Financial Stability

    Term plans help NRI protect the family’s future by offering financial stability even when the sole earner is not around.

  2. Affordable Premiums 

    The premium rates for the Max term insurance for NRIs are much more affordable than the international term plans and offer a large life cover at low premium rates.

  3. Long time protection

    Insurance policies offer longer protection for the policyholder and their loved ones, and can choose a life coverage up to 100 years of age.

  4. Tele/Video Medicals

    The tele/video medical option allows NRIs to be able to purchase their most suitable Max life term insurance for NRI online by clearing their medicals online. This way, the NRIs would not have to visit India solely to get their medicals cleared before buying a term plan. 

  5. Term Return of Premiums

    Most term insurance plans do not provide any maturity or survival benefits, but with term return of premium plans, you can receive all the premiums paid throughout the policy term at the end of the policy. This payout on survival can help the NRIs secure their retirement and beat potential inflation.

  6. Multiple Payment Options 

    There are multiple premium payment options available within the Max life term insurance for NRIs. You can choose to pay the premiums online or offline in a single, regular, or limited pay term for monthly, quarterly, annual, or semi-annual modes.

  7. GST Waiver for NRIs

    With Max life term insurance for NRIs, you can claim a GST tax waiver of 18% on the premiums paid through NRE (non-residential external bank account) in freely convertible currency. You can increase your savings on the premiums by selecting the annual premium payment mode and saving a further 5% which totals a 23% discount on the payable premiums.

  8. Peace of Mind

    Term insurance plans provide comprehensive security to the family members, which helps them live comfortably without stressing about the future. This gives the NRI the assurance that their family will be financially taken care of in the event of their unfortunate demise during the policy term.

  9. Tax Benefits

    NRIs are entitled to tax savings benefits on the premium amount paid for a term plan u/s 80C. The death benefit received under an insurance plan is also exempted from tax u/s 10(10D) of the Income Tax Act, 1961.

Documents Required To Purchase Max Life Term Insurance Plan for NRIs 

The document that a policyholder requires to submit for a Max life term insurance plan for NRI are as follows: 

  • Passport’s front and back

  • Valid copy of Visa

  • Last entry-exit stamp

  • Photo

  • Foreign address proof

  • Employment ID Proof

  • Last 6 month’s bank statements

  • Last 3 month’s salary slip

FAQ's

  • Is NRI eligible to buy Max term insurance?

    Ans: Yes, NRIs are eligible to buy Max term plan in India as long as they have the required documents and are within the entry age of the specific plans.
  • Can I buy Max term insurance without travelling back to India?

    Ans: Yes, you can buy term plan from Max Life without travelling all the way back to India by scheduling your medicals via tele or video channels.
  • Do Max term insurance for NRIs provide large coverage?

    Ans: Yes, Max life term plans for NRIs provide a large life cover range starting from 25 Lacs and going to a maximum limit of 10 Crores.
  • How much life cover should I get with my Max Life term plan?

    Ans: Ideally, you should get a life cover that is at least 10 to 15 times your current annual income, but you can also refer to the human life value calculator to see the estimate of the right life cover for yourself.
  • Do Max life term plans offer any tax saving benefits?

    Ans: Yes, you can claim tax benefits u/s 80C, 80D, and 10(10D) of the Income Tax Act of 1961, as per the prevailing tax laws. You will also be eligible to receive the GST waiver of 18% on the premiums paid using an NRE bank account in freely convertible currency.
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